UK MARKET TALK ROUNDUP: SHARES GAINING

21st Jun 2010 10:17

Stocks on the rise in the UK today. Compiled by Dow Jones Newswires Markets Desk, [email protected] Contact us in London. +44-20-7842-9464 [email protected] 0917 GMT [Dow Jones] Collins Stewart raises ASOS (ASC.LN) price target to 752p from 548p as it raises revenue forecasts on strong current trading. Says trading at ASOS is very strong, with revenues up 58% in the nine weeks to June 9. Notes this impressive level of growth has now been sustained over a more substantial period and the brokerage raises its FY '11 revenue forecasts to +35% from +32%. Raises '15 revenue forecast to GBP655M from GBP507M. Has the stock at hold. Shares +3% at 784p. ([email protected]) 0909 GMT [Dow Jones] HSBC increases Halfords (HFDS.LN) price target to 685p from 580p. Says the pretax profit announced in the FY results is in line with HSBC's forecast and marginally beats consensus estimates. Says the stock is defensive, and the company is consistent with its predictable cash generation. Notes the move into the auto services market, which will drive sustainable mid-teens earnings growth over the medium term. Reiterates overweight recommendation. Shares +1.2% at 539.5p. ([email protected]) 0812 GMT [Dow Jones] Credit Suisse raises its Man Group (EMG.LN) target price to 280p from 265p together with a 13% upgrade of its EPS forecast for the year-ending March 2011. Credit Suisse says the changes are meant to reflect the higher proportion of AHL assets-under-managment which are near performance fee high watermarks than the brokerage expected. CS adds that valuation is cheap, but not yet compelling. "Moreover we see limited signs of an underlying positive EPS revision cycle," CS adds. Neutral rating. Shares +2.3% at 254p. ([email protected]) 0801 GMT [Dow Jones] Royal Bank of Scotland initiates coverage on Imagination Technologies (IMG.LN), with a buy rating and 348p target price. Says the company is a play on advanced graphics in smartphones. "Although advanced graphics is already in 66% of smartphones, the technology is in the early stages of growth, with future adoption likely in feature phones, mobile computing, digital televisions and set-top boxes," says RBS. Adds the company looks ideally positioned with a developed graphics ecosystem and main customers in Apple (AAPL), Intel (INTC), Samsung (SSNHY) and Texas Instruments (TXN). Adds the company's technology integrated into customer products ensures longer design cycles with a reduced risk of being designed out. Shares +1.4% at 305p. ([email protected]) Contact us in London. +44-20-7842-9288 [email protected] (END) Dow Jones Newswires June 21, 2010 05:17 ET (09:17 GMT)